Innovative FiSCA Savings Program Hits $5 Million in Deposits; Nearly 20,000 Unbanked Americans Join the Ranks of the Banked.

HACKENSACK, N.J. -- In just six months time an innovative program designed to help unbanked Americans start saving for their futures has resulted in nearly 20,000 accounts opening and has hit the $5 million mark in deposits. Developed by the Financial Service Centers of America (FiSCA), teamed with NetSpend Corporation of Austin, Texas, the All-Access National Savings Program is already one of the most successful efforts ever aimed at reaching unbanked Americans.

FiSCA's All-Access Savings Program was the first-of-its-kind savings product based on an interest-bearing, federally insured account linked to a prepaid debit card. The program is designed to reach the millions of Americans who do not have bank accounts, or who have limited relationships with traditional financial institutions. The All-Access Savings Program is uniquely positioned to offer easy savings-account access at neighborhood financial service centers, where a majority of unbanked and under-banked consumers conduct financial transactions.

"The All-Access Savings Program has been a huge success in the initial rollout stage and offers the single best opportunity to meet the needs of millions of consumers who do not have a savings account," said Bill Siegel, Chairman of FiSCA's Savings Card Committee. "Even with limited marketing for the program and the need for expanded product distribution, the program exceeded expectations, hitting $5 million in deposits in just the first six months. This program is working where so many others have failed. FiSCA members hold the key to reaching unbanked consumers."

The All-Access National Savings Program provides consumers with a simple, secure and convenient savings vehicle, giving millions of Americans the ability to create a savings fund for long-term financial empowerment. According to figures from the U.S. Treasury, between 9 percent and 10 percent of American households do not have a bank account. These consumers, often referred to as the "unbanked," have decided for a variety of reasons to use financial service centers and other means to conduct necessary financial transactions, such as cashing paychecks and paying bills. Unlike a number of government-subsidized programs that banks have launched in the past, the FiSCA All-Access car is a privately-funded effort that has not received any federal or state dollars.

"FiSCA believes a key issue behind both the unbanked and low savings rate statistics is access. We know from surveys conducted with our customers that most would use a savings product if one were available through their neighborhood financial service center," said Gary A. Dachis, chairman of FiSCA, which has more than 5,000 member locations nationwide. "By teaming with NetSpend, FiSCA is helping thousands of hard-working Americans build savings for their families' futures."

The savings program is offered for free to all new and current NetSpend prepaid debit cardholders who originate their accounts through a FiSCA member financial service center location. There is no minimum deposit to enroll in the program, no minimum monthly balance to maintain and no monthly service fee. Cardholders can enroll in the program online at www.netspend.com or by calling 1-86-NETSPEND to link their prepaid debit card to an interest-bearing savings account. Once this happens, cardholders can add funds to their savings account via free transfers from their prepaid debit card.

Funds can be transferred conveniently between the debit card and the savings account via the Web, automated phone system, or a live customer service agent. Cardholders can also set up automatic, recurring transfers from their debit card to their savings account to encourage and facilitate easy savings. Funds in the All-Access savings accounts earn an annual percentage yield of 0.75% and are insured by the Federal Deposit Insurance Corporation (FDIC).

"FiSCA members serve as the link for millions of unbanked Americans to mainstream financial products and services. The launch of the All-Access National Savings Program is a logical progression in the ongoing development of our industry," Dachis added. "Financial service centers were founded on the idea of creating access for consumers, in convenient locations and at convenient hours. We are a service business that thrives on meeting the needs of our customers."

FiSCA, founded in 1987, is the national trade association for more than 5,000 individual financial service centers across the United States. FiSCA members provide a wide variety of financial services and products to their communities, including check cashing, money orders, money transfers, and electronic bill payment services, automatic teller machine access, government benefit and payroll payments, deferred deposit services, electronic tax preparation, prepaid debit cards, deposit acceptance services, public transportation fare and token sales, motor vehicle license plate and title distribution, postage stamp sales and numerous other services. For more information, go to www.fisca.org.